Responsibility and Primary Objective
._TheBangko Sentral shall provide policy directions in the areas of money, banking, and credit. It shall have supervision over theoperations of banks and exercise such regulatory powers asprovided in this Act and other pertinent laws over the operationsof finance companies and non-bank financial institutionsperforming quasi-banking functions, hereafter referred to as quasi-banks, and institutions performing similar functions.The primary objective of the Bangko Sentral is to maintainprice stability conducive to a balanced and sustainable growth of the economy. It shall also promote and maintain monetarystability and the convertibility of the peso.S
Place of Business
._The Bangko Sentral
shall haveits principal place of business in Metro Manila, but may maintainbranches, agencies and correspondents in such other places asthe proper conduct of its business may require.S
._The Bangko Sentral is herebyauthorized to adopt, alter, and use a corporate seal which shall be judicially noticed; to enter into contracts; to lease or own real andpersonal property, and to sell or otherwise dispose of the same; tosue and be sued; and otherwise to do and perform any and allthings that may be necessary or proper to carry out the purposesof this Act.The
Bangko Sentral may acquire and hold such assets andincur such liabilities in connection with its operations authorizedby the provisions of this Act, or as are essential to the properconduct of such operations.The Bangko Sentral may compromise, condone or release,in whole or in part, any claim of or settled liability to the BangkoSentral, regardless of the amount involved, under such termsand conditions as may be prescribed by the Monetary Board toprotect the interests of the Bangko Sentral.